Concordia International Corp., stumbling under debt that the Canadian drugmaker piled on during a takeover spree, is seeking to restructure its finances and cut borrowings by at least $2 billion after missing an interest payment Monday on some unsecured bonds.
Management is pursuing a plan under the Canada Business Corporations Act, according to a statement Friday, which didnt outline any potential terms of a deal but said the company would continue making payments on its secured debt. The CBCA allows companies to restructure out of court, although the plans require final court approval. Negotiations with lenders will continue during the process, the company said.
“Unfortunately, this looks like another case of a biotech dar…
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